thetaOwl

BKNG

Booking Holdings Inc. Common StClose $169.82EOD only
Max Pain
$160.00
Next expiry May 29, 2026
Expected Move
±$4.05
2.4% from close
Price Gap
-9.82
Distance to max pain
IV Rank
11
Low premium
P/C OI
0.83
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 28, 2026 close
End-of-day snapshot

This page reflects BKNG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 28, 2026 close
BKNG Earnings Report
Analysis based on market close April 13, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 13, 2026. A newer earnings report is available for May 26, 2026.

View latest report

Earnings Verdict

Earnings event window with Elevated IV (ATM 51.7% 4d) and strong dealer pinning around ~$176. Best high-probability trade is a premium sell anchored at the gamma flip (~$176) using a short straddle or short strangle into the event; best event-move hedge is a front-month long straddle if you expect a blowout. Key risk: gap beyond EM on guidance or headline (expected 4/17 EM ±$5.62) that overwhelms pinning and produces a directional gap.

Confidence:
5.5 / 10
base 5.5 (provided); +1 pinning/GEX +$20.1M supports pin; -1 mixed flow/net premium negative; +0.5 VIX 19.1
Most important: Dealer gamma flip near $176 combined with large call OI at $170 and concentrated GEX at $180 — watch price action into $176 as the pin decision
📌Gamma flip ~176 — dealers switch from long to short gamma around this level; trades centered here have higher chance to collect premium.
📈Front-week ATM IV 51.7% (4/17) vs 45.8% (4/24): clear earnings IV bump — expect sizable IV compression if print is uneventful.

Regime Classification

Vol Regime
High (Avg IV 68.8%, ATM short-dated IV 51.7%)
Gamma Regime
Pinning (GEX +$20.1M concentrated near $176-$180)
Flow Regime
Mixed (P/C vol ~0.99, net premium -$49.8M)
Spot vs MP
Above (spot $177.25 vs max pain near $173-$176)
Gamma flip: ~$176.00Gamma flip ~176 (put OI concentration 10,826, ~0.7% below spot) — below ~176 dealers may amplify moves

Earnings Overview

Next earnings: 2026-04-28 (TBD) (15 days)explicit

Expected moves:

  • 2026-04-17 (4d): 7.25

IV Setup

Term structure: Short-dated kink: 2026-04-17 ATM 51.7% > 4/24 ATM 45.8% then 5/01 ATM 50.6% — clear earnings bump in the 4/17 and 5/01 expiries

Crush estimate: ~6-12 vol pts for front-week (from 51.7% back toward 40s); front-week IV likely to drop from ~51.7% to mid-30s post-event if no follow-up guidance

Skew: Puts richer in short-dated strikes (e.g. 4/17 puts show elevated IV 62–92% at some strikes) while calls show heavy OI concentration at $170 and $180

Historical Context

Beat rate: 100% (4/4 recent quarters: 2025-03, 2025-06, 2025-09, 2025-12 met or beat estimates)

Avg move vs expected: No explicit summary provided aside from EMs; recent beats imply upside surprises but listed EMs show modest moves (front-week EM 3.2%)

Directional bias: Tendency to beat estimates (4/4) — modest upside bias into prints

Key Levels

1$176.00 (gamma flip / max pain pin for 4/24)
2$173.00 (max pain 2026-04-17, immediate support zone)
3$180.00 (max pain 2026-05-01 & large GEX +$4.9M at $180)

Flow Highlights

Very large CALL OI at $170.00 (OI=37,764) and concentrated GEX +$4.9M at $180.00 (pin magnet).

Dealer hedging likely creates pinning pressure between $170-$180; large $170 call OI suggests significant short-delta dealer hedges that will be managed into expiry.

Notable unusual activity: 2026-04-17 $185 CALL vol=570 OI=229 (OTM 4% buy interest).

Some directional upside speculative flow into front-week calls; watch delta and execution size into close.

Strategies

Short straddle (pin/sell premium)
Sell 1x 176/176 straddle exp 2026-04-24 (sell 176C + sell 176P)
Credit: $5.00-$6.50
Max loss: Uncapped (large) per side; defined by risk management
Max gain: $6.50
BE: Breakevens ~ 176 ± credit (e.g., if credit 6.00 → breakevens 170.00 / 182.00)
Trigger: Enter 3–1 days before earnings while IV remains elevated and spot trading near $176
High short-dated IV, strong positive GEX (pinning) near 176/$180 and max pain at $173-$176 favor selling premium centered on the gamma flip. Use tight size with stop or hedges because gap risk is real.
Outperforms: Stock stays inside front-week EM (~$171.62-$182.88) and pins near $176; IV collapses after print
Underperforms: Headline gap > EM (move > ±3.2% for 4/17 or > ±2.2% for 4/24) or large directional flow overwhelms dealer pinning
Long front-week straddle (crush + directional blowout play)
Buy 1x 177.20/177.20 straddle exp 2026-04-17 (buy ATM call + put near spot)
Debit: $10.50-$12.50
Max loss: $12.50
Max gain: Unlimited
BE: If cost $11.50 → breakevens ≈ 165.65 / 188.75
Trigger: Enter within 1 trading day of print if you expect a >EM move or if IV has not run materially above current levels
Front-week IV is elevated (51.7%) and historical prints show beats; a sizeable surprise can drive a move that outpaces EM and recoups IV crush.
Outperforms: Actual move exceeds EM by >30–40% (guidance blowout or major revision) or when post-print realized vol keeps premium elevated
Underperforms: Stock pins to $176 and IV collapses; moderate beats consistent with historical modest moves
Debit call spread (directional, limited risk)
Buy 1x 180C / Sell 1x 188C exp 2026-05-01
Debit: $1.25-$2.50
Max loss: $2.50
Max gain: $6.75
BE: If cost $1.75 → breakeven at ~181.75 (on upside)
Trigger: Enter pre-earnings if you expect guided upside or after a small post-print dip that holds above $180
Uses available strikes (180 and 188 present), caps upside cost, and benefits from call skew and the observed unusual 5/01 $188 call flow.
Outperforms: Stock rallies into the $184-$192 area before 2026-05-01 (within May EM $170.40-$184.10) while IV stays elevated
Underperforms: Pinning holds price below $180 and calls compress, or if upside is limited to a small pop inside the spread width

Risk Assessment

!Gap risk: front-week EM 4/17 is ±$5.62 (3.2%); guidance or macro shocks can produce larger gaps that hurt short premium positions.
!IV crush: front-week ATM IV 51.7% can compress ~6–12 vol points post-print; long premium needs a move large enough to overcome both cost and IV collapse.
!Liquidity: liquid overall (total OI 640,688) but some near-ATM strikes show wide bids/asks in the chain; use limit orders and check two-way markets for larger sizes.
!Sizing: positive GEX (+$20.1M) increases pinning probability but also means dealer hedge flows can exacerbate moves when crossing the gamma flip — size accordingly.
!Directional flow: net premium -$49.8M and mixed P/C ratios (~0.99 vol, 0.73 OI) mean large directional blocks can appear; watch unusual flow and OTM call buys (4/17 $185 call activity).

What to Watch

?Price action around the gamma flip ~$176 and the concentrated GEX at $180 / $176
?Front-week IV trajectory (4/17 ATM 51.7%) — a rising IV suggests more premium to sell; a falling IV favors buyers
?Unusual OTM call activity (e.g., 4/17 $185 call vol spike) for directional bias
?Max pain shifts across expirations (short-term pins at $173/$176/$180) as they signal dealer targeting
How to Use These Reports
This earnings reflects the market close on April 13, 2026.
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Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

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These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.